Notice2023-27272
Self-Regulatory Organizations; LCH SA; Notice of Filing of Proposed Rule Change, as Modified by Partial Amendment No. 1, Relating to Recovery and Resolution
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 13, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 238 (Wednesday, December 13, 2023)</title>
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[Federal Register Volume 88, Number 238 (Wednesday, December 13, 2023)]
[Notices]
[Pages 86389-86392]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-27272]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99109; File No. SR-LCH SA-2023-008]
Self-Regulatory Organizations; LCH SA; Notice of Filing of
Proposed Rule Change, as Modified by Partial Amendment No. 1, Relating
to Recovery and Resolution
December 7, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on November 24, 2023, Banque Centrale de
Compensation, which conducts business under the name LCH SA (``LCH
SA''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change described in Items I, II and
III below, which Items have been primarily prepared by LCH SA. On
December 5, 2023, LCH SA filed Partial Amendment No. 1 to the proposed
rule change to make certain changes to the Exhibit 5 to File No. LCH
SA-2023-008.\3\ The Commission is publishing this notice to solicit
comments on the proposed rule change, as modified by Partial Amendment
No. 1, from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Partial Amendment No. 1 updates the pagination throughout
Exhibit 5 to File No. LCH SA-2023-008 and the Table of Contents in
Exhibit 5 to File No. LCH SA-2023-008 to reflect the revised
pagination. Partial Amendment No. 1 would also remove two references
to field codes in Chapter 1 of Exhibit 5 to File No. LCH SA-2023-
008.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
LCH SA is proposing to amend its CDS Clearing Rule Book (``Rule
Book'') \4\ to make conforming changes necessary to implement certain
provisions of Regulation (EU) 2021/23 of the European Parliament and of
the Council of 16 December 2020 on a framework for the recovery and
resolution of central counterparties (``CCP Recovery and Resolution
Regulation'') that are applicable to central counterparties (``CCPs'')
authorized under the European Markets Infrastructure Regulation
(``EMIR'') \5\ (the ``Proposed Rule Change'').
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\4\ LCH SA's CDS Clearing Rule Book can be found on LCH SA's
public website: <a href="https://www.lch.com/system/files/media_root/CDSClear%20Rule_Book_11.05.2022.pdf">https://www.lch.com/system/files/media_root/CDSClear%20Rule_Book_11.05.2022.pdf</a>.
\5\ Regulation (EU) No 648/2012 of the European Parliament and
of the Council of 4 July 2012 on OTC derivatives, central
counterparties and trade reporting.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, LCH SA included statements
concerning the purpose of and basis for the Proposed Rule Change and
discussed any comments it received on the Proposed Rule Change. The
text of these statements may be examined at the places specified in
Item IV below. LCH SA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.
A. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
LCH SA is proposing to amend the Rule Book to comply with certain
requirements of the CCP Recovery and Resolution Regulation.
Pursuant to Article 9(6) of the CCP Recovery and Resolution
Regulation, CCPs are required to provide in their rules that they may
deviate from their recovery plan measures and, in such circumstances,
they shall notify their competent authority designated in accordance
with EMIR.\6\
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\6\ Article 9(6) of Regulation (EU) 2021/23 of the European
Parliament and of the Council of 16 December 2020 on a framework for
the recovery and resolution of central counterparties. <a href="http://data.europa.eu/eli/reg/2021/23/oj">http://data.europa.eu/eli/reg/2021/23/oj</a>.
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Pursuant to Article 9(14) of the CCP Recovery and Resolution
Regulation, following a default event in respect of a clearing member,
each CCP shall use an additional amount of its pre-funded dedicated own
resources (the ``second skin-in-the-game'') prior to the requirement of
non-defaulting clearing members to make a contribution in cash to the
CCP up to at least each clearing member's contribution to the default
fund. This amount is additional to the prefunded dedicated own
resources required in accordance with EMIR (the ``first skin-in-the-
game'') which will be used by the CCP before the use of each non-
defaulting clearing member's initial contribution to the default
fund.\7\ On 25 November 2022, the European Commission adopted a
delegated act specifying the methodology for calculation and
maintenance of the second skin-in-the-game to be used in accordance
with Article 9(14) of the CCP Recovery and Resolution Regulation (the
``Commission Delegated Regulation'').\8\
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\7\ Article 9(14) of Regulation (EU) 2021/23 of the European
Parliament and of the Council of 16 December 2020 on a framework for
the recovery and resolution of central counterparties. <a href="http://data.europa.eu/eli/reg/2021/23/oj">http://data.europa.eu/eli/reg/2021/23/oj</a>.
\8\ Commission Delegated Regulation (EU) 2023/840 of 25 November
2022 supplementing Regulation (EU) 2021/23 of the European
Parliament and of the Council with regard to regulatory technical
standards specifying the methodology for calculation and maintenance
of the additional amount of pre-funded dedicated own resources to be
used in accordance with Article 9(14) of that Regulation. <a href="http://data.europa.eu/eli/reg_del/2023/840/oj">http://data.europa.eu/eli/reg_del/2023/840/oj</a>.
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LCH SA is proposing to make the following conforming changes to its
Rule Book for the purposes of complying with the above-mentioned
requirements of the CCP Recovery and Resolution Regulation, as
complemented by the Commission Delegated Regulation in respect of the
second skin-in-the-game.
Article 1.1.1 of the Rule Book (Terms defined in the CDS Clearing
Rule Book) will be amended to include the definition of ``CCP Recovery
and Resolution Regulation'' which will mean Regulation (EU) 2021/23 of
the European Parliament and of the Council of 16 December 2020 on a
framework for the recovery and resolution of central counterparties.
LCH SA maintains a recovery plan that provides for certain measures
to be
[[Page 86390]]
taken in the case of a default or non-default event, with the goal to
restore its financial resources to continue providing critical
functions in all relevant scenarios. The recovery plan includes certain
quantitative and qualitative indicators based on LCH SA's risk profile.
These indicators are used to identify the circumstances under which LCH
SA may take measures in its recovery plan. LCH SA is proposing to add a
new Article 2.4.4 entitled ``Recovery'' to implement the requirement of
article 9(6) of the CCP Recovery and Resolution Regulation. This
Article 2.4.4 will provide that pursuant to article 9(6) of the CCP
Recovery and Resolution Regulation where, in order to achieve the goals
of its recovery process, LCH SA proposes to: (a) take measures provided
for in its recovery plan despite the fact that the relevant indicators
have not been met; or (b) refrain from taking measures provided for in
their recovery plan despite the fact that the relevant indicators have
been met, such proposal shall be submitted to its board of directors
for approval and any decision taken by the board of directors of LCH SA
in this connection and its justification shall be notified to the
Autorit[eacute] de contr[ocirc]le prudentiel et de resolution
(``ACPR'') without delay. The Proposed Rule Change would provide LCH SA
with the flexibility to achieve its goal to restore financial resources
in order to continue providing critical functions in all relevant
scenarios identified in its recovery plan. For example, despite
relevant recovery plan indicators being met, LCH SA may, in
consultation with the Board of Directors, determine that certain
measures provided for in its recovery plan may cause significant
adverse effects to the financial system or will otherwise be
ineffective given the facts and circumstances.
The default waterfall provisions in Article 4.3.3.1 of the Rule
Book will be amended to include a reference to the second skin-in-the-
game as a resource to be used to cover the losses resulting from the
implementation of the CDS Default Management Process. In accordance
with the requirement of Article 9(14) of the CCP Recovery and
Resolution Regulation, the second skin-in-the-game will be added
immediately before the collateral deposited by the non-defaulting
clearing members as an additional contribution to the CDS Default Fund
in a dedicated sub-paragraph (vi). Amended sub-paragraph (vi) will also
provide that in accordance with Article 9(14) of the CCP Recovery and
Resolution Regulation and Article 1 of the Commission Delegated
Regulation, the LCH SA additional dedicated own resources, as
determined from time to time will be (a) up to the amount of such
dedicated own resources allocated to the CDS Default Fund in proportion
to the size of the CDS Default Fund; and (b) in the case of an Event of
Default occurring after a previous Event of Default but before LCH SA
has reinstated such dedicated own resources in accordance with Article
3(2) of the Commission Delegated Regulation, up to the residual amount
of such dedicated own resources in the CDS Default Fund. Consequently,
the sub-paragraphs following sub-paragraph (vi) will be renumbered
accordingly.
In the penultimate paragraph of Article 4.3.3.1, LCH SA is
proposing to clarify that the application of the LCH SA Contribution
shall mean the application of an amount that LCH SA shall bear for its
own account up to the amount of the LCH SA Contribution and the LCH SA
additional dedicated own resources which shall mean an amount that LCH
SA shall bear for its own account up to the amount of the dedicated own
resources allocated to the CDS Default Fund.
Additionally, Clause 7.5 (Application of any recoveries) of
Appendix 1 to the Rule Book is proposed to be amended for consistency
purposes by adding a reference to the LCH SA dedicated own resources
allocated to the CDS Default Fund referred to in sub-paragraph (vi) of
Article 4.3.3.1, in addition to the current reference to the other
resources of Article 4.3.3.1 referenced in this Clause 7.5.
Finally, LCH SA is proposing to modify Article 1.1.1 (Terms defined
in the CDS Clearing Rule Book) to incorporate the defined term of
``ACPR'' to refer to one of the national competent authorities of LCH
SA, the Autorit[eacute] de Contr[ocirc]le Prudentiel et de
R[eacute]solution and any successor organization. Consequently, any
reference to this competent authority in the Rule Book will be replaced
by the new defined term of ``ACPR''.
2. Statutory Basis
LCH SA believes that the Proposed Rule Change is consistent with
the requirements of Section 17A of the Exchange Act \9\ and the
regulations thereunder applicable to LCH SA. Section 17A(b)(3)(F) of
the Act \10\ requires, in part, that the rules of LCH SA be designed to
protect investors and the public interest.
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\9\ 15 U.S.C. 78q-1.
\10\ 15 U.S.C. 78q-1(b)(3)(F).
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The Proposed Rule Change is designed to enhance LCH SA's ability to
achieve the goals of its recovery process by amending the Rule Book to
provide greater flexibility for LCH SA to carry out its recovery plan.
The Proposed Rule would amend the Rule Book to add a new Article 2.4.4
that states LCH SA may (1) take measures provided for in its recovery
plan despite the fact that the relevant indicators (of the recovery
plan) have not been met, or (2) refrain from taking measures provided
for in its recovery plan despite the fact that the relevant indicators
have been met. The Proposed Rule would also amend the Rule Book to
state that should LCH SA take such measures provided for in its
recovery plan despite the fact that the relevant indicators have not
been met or refrain from taking such measures provided for in its
recovery plan despite the fact that the relevant indicators have been
met, the LCH SA Board of Directors would be required to approve such a
decision. Furthermore, the Proposed Rule would amend the Rule Book to
state that LCH SA will notify the ACPR of its decision and rationale
for taking such measures. The amendment to the Rule Book to add new
Article 2.4.4 is designed to provide LCH SA greater flexibility to
utilize discretion in executing certain measures of its recovery plan.
LCH SA's recovery plan is intended, in part, to address default and/or
non-default losses to continue to provide critical functions to its
clearing members. To that end, LCH SA has established various
indicators that identify the circumstances under which certain measures
contained in the recovery plan are to be executed. These indicators may
be quantitative or qualitative, or a combination of both and are
monitored and reviewed on a periodic basis. A quantitative indicator
may include a default event causing a liquidity shortfall and a
qualitative indicator may include a loss resulting from a cyber-attack
which results in a discontinuity of critical services. A significant
change to LCH SA risk profile, with a potential impact on scenarios or
indicators may trigger a review between periodic reviews (which could
be driven by new products or services, identification of a new scenario
due to an emerging risk or in the context of incident management for
instance) or new regulatory requirement. LCH SA may require flexibility
in the measures that it takes or refrains from taking without being in
violation of its own rules. The amendment to the Rule Book to add
[[Page 86391]]
Article 2.4.4 is designed to provide the needed flexibility to execute
its recovery plan to address default and/or non-default losses to
continue to provide critical functions to its clearing members.
The Proposed Rule will also amend Article 4.3.3.1 of the Rule Book
to include a reference to the second skin-in-the-game financial
resource to be used to cover the losses resulting from the
implementation of the CDS Default Management Process. The current
default waterfall provides for LCH's contribution to the default
losses, prior to applying a pro rata percentage of the collateral
deposited by Non Bidders as a Contribution and prior to applying a pro
rata Contribution amount of Collateral deposited by all other clearing
members. The Proposed Rule will add an additional pre-funded financial
resource to be provided by LCH SA following the pro rata Contributions
by Non Bidders and other clearing members, and prior to any pro rata
Additional Contribution Amounts called by LCH SA, in accordance with
the default waterfall. The Proposed Rule will also amend the
penultimate paragraph of Article 4.3.3.1 by clarifying the meaning of
the LCH SA Contribution and the LCH SA additional dedicated own
resources as applied in the default waterfall described earlier in the
Rule Book. LCH SA is proposing other clarifying changes to Clause 7.5
of Appendix 1 of the Rule Book by revising the last sentence of the
first paragraph to include reference to the addition of the second
skin-in-the-game for purposes of the application of any recoveries. The
Proposed Rule to amend Article 4.3.3.1 of the Rule Book and conforming
amendments to Article 7.5 of Appendix 1 are designed to provide an
additional pre-funded financial resource by LCH SA prior to utilizing
Additional Contribution amounts from non-defaulting clearing members.
This additional financial resource provided by LCH SA further aligns
the interests of LCH SA and its clearing members by ensuring LCH SA
continues its practice of maintaining robust risk management practices
and reduces the impact on non-defaulting clearing member financial
resources.
The Proposed Rule would also make non-substantive amendments to the
Rule Book to add a new defined term in Article 1.1.1 for ``CCP Recovery
and Resolution Regulation'' and for ``Autorit[eacute] de Contr[ocirc]le
Prudentiel et de R[eacute]solution'' for purposes of conforming to
other amendments to the Rule Book.
Based on the foregoing, LCH SA believes the Proposed Rule Change is
designed to protect investors and the public interest in a manner
consistent with Section 17A(b)(3)(F) of the Act.\11\
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\11\ 15 U.S.C. 78q-1(b)(3)(F).
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LCH SA also believes the Proposed Rule Change is consistent with
Rule 17Ad-22(e)(1),\12\ which requires LCH SA to establish, implement,
maintain and enforce written policies and procedures reasonably
designed to provide for a well-founded, clear, transparent, and
enforceable legal basis for each aspect of its activities in all
relevant jurisdictions.
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\12\ 17 CFR 240.17Ad-22(e)(1).
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In addition to being registered as a Clearing Agency with the SEC,
LCH SA is authorized to offer clearing services in the European Union
pursuant to rules established under EMIR for CCPs. As a result of the
CCP Recovery and Resolution Regulation authorized under EMIR, LCH SA is
required to amend its rules to remain in compliance with the adoption
of the CCP Recovery and Resolution Regulation. Specifically, LCH SA is
proposing to amend its Rule Book to comply with Article 9(6) \13\ and
Article 9(14) \14\ of the CCP Recovery and Resolution Regulation. The
Proposed Rule Change will ensure LCH SA's rules are consistent with the
relevant laws and regulations authorized under EMIR, including the CCP
Recovery and Resolution Regulation. LCH SA also believes that the legal
basis for the Proposed Rule Change is clear and understandable to the
relevant authorities, participants, and participants' customers as
proposed, and the public disclosure of the amendments to the Rule Book
are transparent.
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\13\ Regulation (EU) No 648/2012 of the European Parliament and
of the Council of 4 July 2012 on OTC derivatives, central
counterparties and trade reporting, Title III, Chapter 1, Section 1,
Article 9 (``Recovery Plans'').
\14\ Id.
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Based on the foregoing, LCH SA believes the Proposed Rule Change is
consistent with Rule 17Ad-22(e)(1).\15\
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\15\ 17 CFR 240.17Ad-22(e)(1).
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LCH SA also believes the Proposed Rule Change is consistent with
Rule 17Ad-22(e)(3)(ii),\16\ which requires LCH SA to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to maintain a sound risk management framework for
comprehensively managing legal, credit, liquidity, operational, general
business, investment, custody, and other risks that arise in or are
borne by LCH SA, which include plans for the recovery and orderly wind-
down of LCH SA necessitated by credit losses, liquidity shortfalls,
losses from general business risk, or any other losses.
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\16\ 17 CFR 240.17Ad-22(e)(3)(ii).
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The Proposed Rule Change would amend the Rule Book to enhance LCH
SA's recovery plan by providing greater flexibility to execute its
recovery plan. As previously noted, LCH SA's recovery plan is intended,
in part, to address default and/or non-default losses to continue to
provide critical functions to its clearing members and particular
circumstances, including deteriorating market conditions may require
LCH SA to deviate from executing certain measures established in its
recovery plan. The flexibility to adapt to particular circumstances in
order to achieve the intended goals of the recovery plan is a proactive
risk management tool for comprehensively managing risk. In addition,
the required review and approval by the LCH SA Board of Directors and
subsequent notification to the ACPR provides the necessary governance
to ensure any deviation from the plan aligns with intended goals of the
recovery plan.
The Proposed Rule Change would also further align the interests of
LCH SA and its clearing members by ensuring LCH SA continues its
practice of maintaining robust risk management practices and reduces
the impact on non-defaulting clearing member financial resources. As
previously noted, LCH SA is proposing to amend its Rule Book to provide
for an additional pre-funded financial resource to be provided by LCH
SA in the event of a CDS clearing member default. This pre-funded
financial resource would be sized in proportion to the CDS Default Fund
and utilized prior to Additional Contribution Amounts provided by non-
defaulting clearing members per the CDS default management waterfall.
This amendment to the Rule Book further enhances LCH SA's recovery plan
by adding an additional pre-funded financial resource and supports LCH
SA's ongoing efforts to comprehensively manage risks.
Based on the foregoing, LCH SA believes the Proposed Rule Change is
consistent with Rule 17Ad-22(e)(3)(ii).\17\
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\17\ Id.
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LCH SA also believes the Proposed Rule Change is consistent with
Rule 17Ad-22(e)(23)(i),\18\ which requires LCH SA to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to provide for publicly disclosing all relevant
rules and material procedures,
[[Page 86392]]
including key aspects of its default rules and procedures.
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\18\ 17 CFR 240.17Ad-22(e)(23)(i).
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As previously noted, LCH SA is proposing to amend the CDS default
waterfall provisions of its Rule Book by adding an additional pre-
funded financial resource to be provided by LCH SA in the event of a
CDS clearing member default. The Proposed Rule will also amend the
penultimate paragraph of Article 4.3.3.1 by clarifying the meaning of
the LCH SA Contribution and the LCH SA additional dedicated own
resources as applied in the default waterfall described earlier in the
Rule Book. These proposed amendments to the Rule Book will publicly
disclose key aspects of LCH SA's default rules and procedures. Based on
the foregoing, LCH SA believes the Proposed Rule Change is consistent
with 17Ad-22(e)(23)(i).\19\
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\19\ Id.
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The proposed rule change is not inconsistent with the existing
rules of LCH SA, including any other rules proposed to be amended.
B. Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Act \20\ requires that the rules of a
clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act. LCH SA does not
believe that the Proposed Rule Change would impose any burden on
competition. The purpose of the Proposed Rule Change is for LCH SA to
amend its Rule Book to make conforming changes necessary to implement
certain provisions of the CCP Recovery and Resolution Regulation that
are applicable to CCPs authorized under EMIR. Specifically, LCH SA is
codifying in its Rule Book the regulatory requirements under the CCP
Recovery and Resolution Regulation, which establish guidance on LCH
SA's recovery process, including with respect to governance and
notification to regulatory authorities. LCH SA is also codifying in its
Rule Book the CCP Recovery and Resolution Regulation and Commission
Delegated Regulation requirements with respect to the default waterfall
that LCH SA apply the second skin-in-the-game prior to the requirement
of non-defaulting clearing members to make a contribution to LCH SA up
to at least each clearing member's contribution to the default fund.
This requirement is in addition to the first skin-in-the-game, which is
to be used by LCH SA before the use of each non-defaulting clearing
member's initial contribution to the default fund. These amendments to
the Rule Book, and subsequent conforming changes, would not burden any
Clearing Members or other market participants and will be applied
equally for all Clearing Members. LCH SA is codifying the CCP Recovery
and Resolution Regulation and Commission Delegated Regulation, which
are designed to further enhance risk management practices for CCPs to
comprehensively manage risks related to a Clearing Member default.
Therefore, LCH SA does not believe that the Proposed Rule Change would
impose a burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
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\20\ 15 U.S.C. 78q-1(b)(3)(I).
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C. Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others
Written comments relating to the Proposed Rule Change have not been
solicited or received. LCH SA will notify the Commission of any written
comments received by LCH SA.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or (B)
institute proceedings to determine whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>) or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c5b7b0a9a0e8a6aaa8a8a0abb1b685b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="245651484109474b4949414a5057645741470a434b52">[email protected]</span></a>. Please include
File Number SR-LCH SA-2023-008 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Vanessa A.
Countryman, Secretary, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-LCH SA-2023-008. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filings will also be available for inspection
and copying at the principal office of LCH SA and on LCH SA's website
at <a href="http://www.lch.com/resources/rules-and-regulations/proposed-rule-changes-0">http://www.lch.com/resources/rules-and-regulations/proposed-rule-changes-0</a>.
Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to File Number SR-LCH SA-2023-008 and
should be submitted on or before January 3, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-27272 Filed 12-12-23; 8:45 am]
BILLING CODE 8011-01-P
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